Grove Bank & Trust Has $790,000 Stock Position in Target Corporation $TGT

Key Points

• Grove Bank & Trust has significantly increased its holdings in Target Corporation by 906.9% during Q2, now owning 8,005 shares worth approximately $790,000.
• Target's quarterly earnings report showed an EPS of $2.05, slightly above expectations, but a revenue decline of 0.9% year-over-year.
• The company has announced a quarterly dividend of $1.14, reflecting a positive increase from the previous dividend and yielding 5.1% annually.

Grove Bank & Trust raised its position in Target Corporation (NYSE:TGT - Free Report) by 906.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,005 shares of the retailer's stock after purchasing an additional 7,210 shares during the quarter. Grove Bank & Trust's holdings in Target were worth $790,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Punch & Associates Investment Management Inc. lifted its stake in shares of Target by 48.1% in the 1st quarter. Punch & Associates Investment Management Inc. now owns 84,190 shares of the retailer's stock valued at $8,786,000 after purchasing an additional 27,329 shares during the last quarter. DSG Capital Advisors LLC increased its position in Target by 16.1% during the first quarter. DSG Capital Advisors LLC now owns 156,644 shares of the retailer's stock worth $16,347,000 after buying an additional 21,726 shares during the last quarter. Viking Fund Management LLC raised its holdings in Target by 20.0% during the first quarter. Viking Fund Management LLC now owns 60,000 shares of the retailer's stock valued at $6,262,000 after buying an additional 10,000 shares in the last quarter. Correct Capital Wealth Management lifted its position in shares of Target by 44.7% in the first quarter. Correct Capital Wealth Management now owns 13,556 shares of the retailer's stock worth $1,415,000 after buying an additional 4,189 shares during the last quarter. Finally, PDT Partners LLC bought a new stake in shares of Target during the 1st quarter worth about $4,623,000. 79.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on TGT. Bank of America reaffirmed an "underperform" rating and set a $93.00 target price (down previously from $105.00) on shares of Target in a research report on Friday, August 15th. UBS Group reduced their price objective on shares of Target from $135.00 to $130.00 and set a "buy" rating for the company in a research note on Thursday, August 21st. Loop Capital set a $95.00 price objective on shares of Target in a report on Thursday, July 17th. Barclays reaffirmed an "underweight" rating and issued a $91.00 price target on shares of Target in a research report on Monday, July 21st. Finally, Guggenheim reaffirmed a "buy" rating and issued a $115.00 target price on shares of Target in a report on Thursday, August 21st. Ten analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, Target presently has a consensus rating of "Hold" and a consensus price target of $112.69.

Target Price Performance

NYSE:TGT traded down $1.30 during mid-day trading on Friday, hitting $88.12. The company's stock had a trading volume of 13,274,029 shares, compared to its average volume of 7,472,747. The company has a market capitalization of $40.04 billion, a price-to-earnings ratio of 10.27, a P/E/G ratio of 2.54 and a beta of 1.16. The company has a current ratio of 0.99, a quick ratio of 0.32 and a debt-to-equity ratio of 0.99. Target Corporation has a fifty-two week low of $87.35 and a fifty-two week high of $161.50. The stock has a fifty day moving average of $99.10 and a 200-day moving average of $98.89.

Target (NYSE:TGT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 20th. The retailer reported $2.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.04 by $0.01. Target had a return on equity of 23.43% and a net margin of 3.72%.The company had revenue of $24.99 billion during the quarter, compared to analysts' expectations of $24.84 billion. During the same period last year, the business earned $2.57 earnings per share. The business's revenue was down .9% on a year-over-year basis. Target has set its FY 2025 guidance at 7.000-9.000 EPS. As a group, equities analysts forecast that Target Corporation will post 8.69 EPS for the current fiscal year.

Target Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Wednesday, November 12th will be issued a dividend of $1.14 per share. The ex-dividend date of this dividend is Wednesday, November 12th. This represents a $4.56 dividend on an annualized basis and a yield of 5.2%. This is an increase from Target's previous quarterly dividend of $1.12. Target's payout ratio is currently 53.15%.

Target Profile

Target Corporation operates as a general merchandise retailer in the United States. The company offers apparel for women, men, boys, girls, toddlers, and infants and newborns, as well as jewelry, accessories, and shoes; and beauty and personal care, baby gear, cleaning, paper products, and pet supplies.